Matthew Rawls tests lithium-ion battery pouch cells this week at Prieto Battery, which uses technology developed by Colorado State University professor Amy Prieto. The company was the first investment by CSU Fund I, the school’s venture-capital fund.

Venture capital is difficult for startup companies to come by these days. Colorado’s state universities are trying to make it a bit easier.

Colorado State University launched a $3 million venture-capital fund in July aimed at helping entrepreneurs whose technology was developed at or in partnership with the school.

The University of Colorado is considering starting a similar fund that would contribute profits to charity. The university’s entrepreneurial centers in Boulder and Denver recently revived dormant funds and put them under the supervision of graduate-level business students.

The funds are concentrating on relatively modest investments, ranging from $25,000 to $250,000, too small for most professional venture-capital funds. VC firms typically won’t invest in early-stage companies with promising ideas but no revenue or customers, said Mark Wdowik, who heads CSU’s venture fund.

CSU Fund I made its first investment with Prieto Battery, which is using technology developed by CSU chemistry professor Amy Prieto to make super-powerful, long-lasting and economical batteries based on nanotechnology.

The fund raised money from wealthy individuals and a private-equity fund that expect returns on their investments, Wdowik said. Investors meet monthly to review proposals and vote on investment decisions, and they advise companies in which they invest.

CU is looking at something similar, though with philanthropic goals. It would be a joint effort of the school and the CU Foundation, said David Allen, associate vice president of CU’s Technology Transfer Office.

“The purpose would be to coinvest alongside of prominent investors in early-stage companies emanating from CU research,” Allen said.

CU’s entrepreneurial centers in Denver and Boulder have each had their own small venture- capital funds for many years, but they went dormant in recent years after losing money. They’ve each been revived during the past year with MBA students in charge, with help from experienced venture-capital professionals.

Both are supported in part by the nonprofit CU Foundation and are close to making their first investments in several years.

The Deming Center for Entrepreneurship’s fund at CU-Boulder will make investments of $10,000 to $50,000 in Denver/Boulder-area companies in the technology, clean-tech and healthy- lifestyles sectors, said Bret Fund, an assistant professor of management who advises the fund.

The Rutt Bridges Venture Capital Fund at UC Denver’s Bard Center for Entrepreneurship will make investments of roughly $25,000 in companies started by current and former Bard Center students, said adviser Seth Levine. He is a managing director of the Foundry Group, a Boulder venture-capital firm.

Money where their teaching is

CSU Fund I

School: Colorado State University

What it does: Investments of $25,000 to $250,000 aimed at helping entrepreneurs whose technology was developed at or in partnership with the school, such as Prieto Battery, which is using technology developed by CSU chemistry professor Amy Prieto

Deming Center for Entrepreneurship

School: University of Colorado at Boulder

What it does: Investments of $10,000 to $50,000 in Denver- and Boulder-area technology, clean-tech and healthy-lifestyles companies

Rutt Bridges Venture Capital Fund

School: University of Colorado Denver, Bard Center for Entrepreneurship

What it does: Investments of $25,000 in companies started by current and former Bard Center students

Denver Postee since 1998. Previously worked at Denver Business Journal, Littleton Independent and City News Bureau of Chicago. Colorado College and Columbia University grad. Knight-Bagehot fellow in 2007-08. Married to Marta. Two teen daughters. Ski, cycle, hike, climb, backpack, cook, read, travel.

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